Cattle Current Daily—June 4, 2019

Cattle Current Daily—June 4, 2019

Cattle futures tried for gains early once again Monday, but succumbed to sluggish trade and overall bearishness by the close.

Live Cattle futures closed an average of 55¢ lower (10¢ lower to $1.70 lower in spot Jun).

Feeder Cattle futures closed an average of $1.05 lower, except for an average of 15¢ higher in three contracts.

Wholesale beef values were steady on Choice and lower on Select with light to moderate demand and moderate offerings, according to the Agricultural Marketing Service.

Choice boxed beef cutout value was 1¢ lower Monday afternoon at $223.20/cwt. Select was 82¢ lower at $206.87.

Corn futures closed 2¢ lower in the front months, but mostly 1¢ to 2¢ higher overall.

Soybean futures closed mostly 1¢ to 3¢ higher. 

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Major U.S. financial indices closed mixed on Monday. Much of the pressure was on tech companies, fueled by reports that the U.S. Department of Justice plans to investigate some of the giants, relative to potential antitrust practices.

The Dow Jones Industrial Average closed 4 points higher. The S&P 500 closed 7 points lower. The NASDAQ was down 120 points.

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Crop planting and development continued to lose ground last week, according to the most recent Crop Progress report.

67% of corn was planted as of June 2, which was 29% less than last year and the 5-year average. 46% is emerged, which is 38% less than last year and the average. Progress lost more ground week to week in some key states, compared to average: Illinois (-59%); Indiana (-62%); Iowa (-33%); Minnesota (-39%); Nebraska (-11%).

39% of soybeans are in the ground, compared to 86% for the previous year and 79% for the average. 19% are emerged, which was 46% less than last year and 37% less than average.

Pasture and range conditions continue at a stellar pace, though eroding conditions are showing up in parts of the Southeast.

67% of the nation’s pasture and range is rated in Good (54%) or Excellent (13%) condition, compared to 50% last year. 7% is rated as Poor (6%) or Very Poor (1%), compared to 18% a year earlier. States with 15% or more rated as Poor or Very Poor include: FL (19%); GA (28%); ME (18%); NM (37%), OH (16%); SC (19%); WI (16%).

2019-06-03T19:45:21-05:00

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